2010 401k Rollover

by TaxMama on February 22, 2012

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Today TaxMama® hears from Tom in the TaxQuips Forum with this issue.  “I rolled over a 401k directly to a Roth IRA in 2010.  I received a 1099 for this, but did not fill out an 8606 when I submitted my 2010 return. The plan was to report half of the taxable amount in 2011 and half in 2012.  Do I need to amend my 2010 return or should I just write in the amounts on line 16B of the 2011 Form 1040, and hope they don’t get too excited about it?”  [click to continue…]

Mobile Home Rental

February 21, 2012
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Today TaxMama® hears from Klondike in the TaxQuips Forum with this question.  “In March, I purchased a new mobile home and placed it on property I own. It is skirted with wheels removed and set on cement pillars. My son lives in the home and pays rent. Is it best to depreciate the home for [...]

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Ask TaxMama Issue 630 – Happy Presidents Weekend

February 17, 2012

Dear Family,  The day is nearly gone – and so are you. Right before a holiday weekend, you’re probably already sitting in traffic, heading home. Me? I fell asleep at my desk. Amazing. It’s been a long, intense, and fun week.  We launched TaxMama’s Utlimate Tax Nerd Contest this week, to lots of laughter. It [...]

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Dirty Dozen Tax Scams

February 17, 2012

The Internal Revenue Service has issued its annual “Dirty Dozen” tax scams list, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers [...]

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The Etermal Conflict – Who Gets the Child?

February 17, 2012

A man and his young wife were in divorce court, but the custody of their children posed a problem. The mother leaped to her feet and protested to the judge that since she brought the children into this world, she should retain custody of them.   Share this:

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Overseas Freelancer

February 16, 2012

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Today TaxMama® hears from Jim in the TaxQuips Forum with this question.  “I live in Thailand and do some freelance work. I can’t put that income on Form 2555 for the Foreign Earned Income Exclusion because I had to return to the US for 60 + days for an operation. How do I report this [...]

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Are YOU the Ultimate Tax Nerd of 2012?

February 14, 2012

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TaxMama® is searching for the Ultimate Tax Nerd.  Tax season brings out uncontrollable tax passions. Mild mannered individuals turn into rabid tax fanatics. Does that happen to you? Enter the Ultimate Tax Nerd Contest online beginning Wednesday, February 15th, 2012. The contest will run until midnight, Sunday April 1, 2012. Over $4,000 in prizes. Tax [...]

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Stepchild in Divorce

February 14, 2012

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Today TaxMama® hears from Susan in the TaxQuips Forum with a divorce question for Valentine’s Day. “What happens, taxwise, to the relationship of stepchildren when the parents divorce and the stepchild stays with the stepparent? Do they go back to just being the girlfriend’s kid again? I hear about stepparents adopting their spouse’s children. Is [...]

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Across State Lines

February 13, 2012

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Today TaxMama® hears from John in the TaxQuips Forum about an inequity. “My father & I both worked in PA, but both lived in NJ for the entire 2011. However on my W-2, I paid state taxes to NJ.  On his W-2 He paid state taxes to PA.  Is this correct? Also he worked inside of [...]

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